New Zealand Oil & Gas Limited announces the signing of a binding Operating Agreement with Triangle Energy (Global) Ltd

New Zealand Oil & Gas Limited has announced that it has signed a binding agreement with Triangle Energy (Global) Ltd. (Triangle) to acquire a 25% interest in the L7 Production License (L7) and the EP 437 Exploration License (EP 437) (together, the Licenses). NZO has completed all due diligence to its satisfaction and will proceed with the transaction, including payment of a 50% share of 3D seismic survey costs for Bookara totaling A$1.9 million (subject to customary regulatory approvals, including those of DMIRS and FIRB). Exploration wells will target the highly prospective Permian reservoirs identified by Pokhara’s 3D seismic survey, which match recent discoveries in adjacent permits including Lockyer Deep, Waitsia, West Erregulla and South Erregulla.

Triangle will exclusively assume the cost of all existing L7 and EP 437 rehabilitation and restoration obligations. Once the permits are complete, the joint ventures will include Triangle (50% and operator), NZO (25%) and subject to the conclusion of their operating agreement, Talon Energy Ltd.